Dividend effect on Piazza Affari which loses 1,4% of its value. However, the detachment of coupons by 21 blue chips affects 1,42%. Net of this, the Ftse Mib would be substantially unchanged, while the other European lists would rise cautiously, also supported by the good closing of the Asian lists after the plan announced by China to support the industrial sector.
A new historical record for gold
The news of the day, however, is new historical gold record, driven by growing optimism that the Federal Reserve should begin cutting rates as early as 2024, despite the doubts that have emerged in recent months. In fact, in recent sessions, operators have increased bets on the fact that the US central bank could reduce borrowing costs as early as September, a scenario that would favor gold, which does not pay interest. Against this backdrop, the precious metal jumped 1,1% to $2.440,59 an ounce in early Asia, surpassing the previous intraday record set in April. At mid-day, spot gold changes hands at 2,443,11 (+1,1%), while gold for delivery in June (Comex) is traded at 2.452,10 dollars with a growth of 1,44% .
The other metals are also tonic: l'silver reaches a peak of over 11 years, while prices jump by 2,3%. copper, which reached historic highs, supported by support measures in the real estate sector in China and better-than-expected industrial data.
Among raw materials, prices are slightly down Petroleum, with July WTI below 80 dollars a barrel (-0,1%) and Brent below 84 dollars a barrel (-0,27%). The price of natural gas in Amsterdam it is 31,3 euros per megawatt hour.
Stock market: Europe cautiously rising in the middle of the day
While the dividend effect hits Piazza Affari, the other European stock markets take the path of – timid – increases. He is in pole position Frankfurt (+0,36%), closely followed by Paris (+ 0,35%) and Madrid (+ 0,24%). Amsterdam it is above parity (+0,05%), while outside the EU London earns 0,27%). Stock markets in Switzerland, Sweden and Denmark are closed for the Pentecost holiday.
On stocks, the rise of 1,1% should be noted Totalenergies after CEO Patrick Pouyanne said he struck the first supply deal with the Dangote refinery in Nigeria following a meeting with Africa's richest man, Aliko Dangote.
Volkswagen instead it loses half a percentage point: Morgan Stanley downgraded the stock to "under-weight" from "equal-weight" and expressed caution towards German car manufacturers in general, highlighting the contraction of margins and the potential for trade disputes. In the red by 3,6% Ryanair: the airline presented a 2023/2024 budget, but warned that Boeing's delivery delays could weigh on the summer.
Stock market: dividend effect on Piazza Affari (-1,4%)
Insurance companies in the spotlight in Milan, with Unipol (+2% the best stock of the day) e Generali (+1,14%), despite the coupon effect.
Oil companies are positive, with Eni which marks +1,52% e Saipem which rises by 1,45%. In industry, Leonardo rises (+1,4%). Both sectors are driven by growing tensions in the Middle East fueled by the death of Iranian President Ebrahim Raisi, who died in a plane crash.
Positive Telecom Italy (+1,4%), while the banks are weak, with Pop Sondrio, Bper, Banco Bpm, Mps e Intesa Sanpaolo at the bottom of the Ftse Mib.
Let's remember that between the securities that pay coupon today there are A2a (of 0,0958 euros), Amplifon (0,29 euros), Azimut (1,36 euros), Bper (0,3 euros), Banca Mps (0,25 euros), Pop Sondrio (0,56 euro), Brunello Cucinelli (0,91 euro), Diasorin (1,15 euro), Eni (0,23 euro), Erg (one euro), FinecoBank (0,69 euro), Generali (1,28 euro), Interpump Group (0,32 euros), Intesa Sanpaolo (0,152 euros), Inwit (0,479626 euros), Italgas (0,352 euros), Mediobanca (0,51 euros), Moncler (1,15 euros), Recordati (0,63. 0,368868 euros), Tenaris (0,38 euros) and Unipol (XNUMX euros).
Spreads and euros stable
Unchanged spread of yield between the benchmark ten-year BTp and the same German maturity stands at 129 basis points at the same level as Friday's closing, with the benchmark ten-year BTp rate at 3,80%. Also stable dollar. The exchange rate between the euro and the greenback is trading at 1,0873 dollars, not far from the almost two-month high of 1,0895 reached last week.
